Weekend price action – Lots of short setups to watch for
Adding a MANA setup
And I will continue to remain bearish and looking for shorts unless BTC can break this resistance and negate this small bear flag
UNI is also setting up a nice bearish retest. This could continue to move sideways until it comes close to the white trendline based on the recent market structure. The 4hr chart also shows more historical resistance that asserts that this resistance is significant.
I’ve just realized I never adjusted the position sizer after clicking the entry on the resistance line in the UNI charts above. Ignore the take profit and stop loss levels shown. My apologies for that mistake.
Congrats if you took any of the short trades suggested. Many have played out nicely and continue to play out. Remember, taking profits or partial profits is never a bad idea.
We have made it to the weekend, and that means price action slows a bit and becomes pretty dull typically. But just before the weekend, the market had a nice drop that triggered a few shorts trades that we have been watching in previous trades. But now we are ready to prepare even more.
This BTC chart has a simple sketch of what I am looking for in almost all of these trades. We have a sharp drop in price and we can expect some kind of a recovery to happen from that. This weekend price action is where I am expecting a lot of this recovery to happen. The range shown by the blue support and resistance lines on BTC is where I have my attention focused as rejection and bounce levels.
So, let’s just jump into the trade setups. Many of these are similar to each other, so I will avoid adding a description for each one. I will put a short position indicator on the charts to describe what I am watching for in each chart, but do not take the levels as definite trades as I am only using them to show a quick snapshot of what I am looking for. There will be MANY more setups here than you should enter. The idea is to have a lot that we are watching, so when the time comes to enter, we can choose the best of the lot. Always manage overall risk exposure accordingly.
DOGE
SOL
ETC
GRT. This one is different in that it hasn’t broken its support yet. The other setups are trading the retest, and this is an idea to trade the breakout to the downside.
COMP
AVAX
CVX. This is another trade the breakout setup.
I hope you like the setups! Happy trading!